Anna Maria Richards
Personal finance is a unique aspect of each of our lives. Everyone’s circumstances will differ, and each choice will require a renewed analysis of the financial health of your own current situation and the outlook possible from future decisions.
Making the right financial decisions is something that is crucial for everyone, but not always easy for those facing difficult circumstances. Continue reading to gain some insight about the importance of great personal finance and some tips on how to improve the health of your financial assets.
Personal finance is essential, no matter the circumstances.
Whether you’re facing a significant course of cancer immunotherapy (including generalized immunotherapy or chemotherapy, cancer cell therapy, tumor removal surgery, T cell and monoclonal antibody therapies, or even experimental options that are in clinical trials but show promise in reducing tumors and cancer cell size) or are preparing to welcome your first child into the world, life moves fast and it often involves a drain on your finances. Immunotherapy and FDA clinical trials are a staple in the modern world of U.S. and worldwide healthcare nowadays. With the vaccine efforts surrounding the coronavirus pandemic continuing, cancer cell and immunotherapy options remain a high priority for those who have seen a difficult time in the treatment of cancer while waiting for the vaccine and resulting T cell antibody mix. Despite these challenging life circumstances, you need to be mindful of the minimum balance in your checking account and the activity in your savings account.
Life can get costly in a hurry, and a solid financial plan that puts savings and debt repayment at the top of the pecking order is a must for anyone who wants to enjoy the fruits of their labor over the long term.
One important metric here is in childcare. The USDA estimates that it costs a U.S. family an average of around $334,000 to raise a child from birth to the age of seventeen. This means that saving and frugal spending are a must, especially for families with more than one child. These costs are built into life, but they must live alongside mortgage payments, credit card bills, holiday planning, and the purchase of health insurance, new cars, and electricity bills—among an ever increasing volume of other expenses that make their way into our lives.
A great way to prioritize personal finance is to lock in a great bank account provider for your money. The best Canadian chequing account is the one that gives back to you in a meaningful way. Online banks like Tangerine are a good idea for consumers because they offer industry-leading interest rates on savings accounts, and low or no fee chequing accounts as a result of the low overheads that online banks are able to maintain for their customers.
Start saving with powerful goal setting tools.
Saving is about setting cash aside for future purchasing, but it also lies in frugal spending. One great way to improve your household cash flow is to chase after discounts on the products and services that you already use on a regular basis. The electricity bill, for instance, is a simple place to begin. Reducing your energy costs is as simple as a phone call to your power company. Directing your provider to utilize the supply from the cheapest supplier will give you an immediate reduction in the cost of heating and lighting your home.
Likewise, putting cash—perhaps even the cash saved from your other expense reductions—into an emergency fund can give you the breathing room that your family needs in a spending emergency. A flat tyre, broken window, or busted TV can all spell financial strain for those who haven’t set aside cash for these purchases. Giving yourself the breathing room you need to pay for larger expenses in cash will help you to take advantage of the full weight of your credit card rewards. With high interest rates, the only benefit to your bank account in this consumer space comes through fast repayment. Otherwise you are simply buying the rewards rather than earning them.
Low monthly fees (including fees at ATMs and on credit card purchases), a great Canadian bank, and other financial products are a must for any Canadian or U.S. saver who wants to improve their cash flow. Find the right products and services for your needs today.
